Rackspace Technology Inc
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
RXT$2.68-1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2021 | 2022 | 2023 |
| Cash Flows From Operating Activities | |||
| Net loss | $(218.3) | $(804.8) | $(837.8) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 424.8 | 387.8 | 369.7 |
| Amortization of operating right-of-use assets | 65.9 | 59.8 | 73.2 |
| Deferred income taxes | (41.5) | (108.8) | (41.9) |
| Share-based compensation expense | 75.4 | 69.5 | 65.4 |
| Impairment of goodwill | 52.4 | 534.5 | 708.8 |
| Impairment of assets, net | — | 146.1 | 52.2 |
| Gain on sale of land | (19.9) | — | — |
| Debt modification costs and (gain) loss on debt extinguishment | 37.5 | — | (271.3) |
| Unrealized loss on derivative contracts | 16.8 | 18.5 | 15.5 |
| (Gain) loss on investments, net | 3.0 | 0.2 | (0.3) |
| Provision for bad debts and accrued customer credits | (2.0) | 12.4 | 9.0 |
| Amortization of debt issuance costs and debt discount | 8.8 | 8.0 | 7.9 |
| Non-cash fair value adjustments | — | 3.2 | (1.0) |
| Other operating activities | (2.1) | (0.2) | 0.4 |
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivable | (69.5) | (82.4) | 275.1 |
| Prepaid expenses and other current assets | 9.5 | (7.1) | 24.6 |
| Accounts payable, accrued expenses, and other current liabilities | 88.1 | 69.8 | (44.2) |
| Deferred revenue | 21.6 | (21.6) | (5.8) |
| Operating lease liabilities | (61.4) | (65.5) | (65.6) |
| Other non-current assets and liabilities | (18.3) | 27.3 | 41.0 |
| Net cash provided by operating activities | 370.8 | 246.7 | 374.9 |
| Cash Flows From Investing Activities | |||
| Purchases of property, equipment and software | (108.4) | (80.4) | (96.9) |
| Acquisitions, net of cash acquired | — | (7.7) | — |
| Proceeds from sale of land | 31.3 | — | — |
| Purchase of convertible promissory note | — | (15.0) | — |
| Other investing activities | 8.1 | 5.2 | 0.9 |
| Net cash used in investing activities | (69.0) | (97.9) | (96.0) |
| Cash Flows From Financing Activities | |||
| Proceeds from employee stock plans | 61.1 | 3.7 | 1.3 |
| Shares of common stock withheld for employee taxes | — | — | (1.0) |
| Shares of common stock repurchased | — | (31.0) | — |
| Proceeds from borrowings under long-term debt arrangements | 2,838.5 | — | 50.0 |
| Payments on long-term debt | (2,877.9) | (23.0) | (241.9) |
| Payments for debt issuance costs | (34.5) | — | — |
| Payments on financing component of interest rate swap | (12.9) | (17.2) | (18.8) |
| Principal payments of finance lease liabilities | (50.6) | (67.2) | (79.7) |
| Principal payments of financing obligations | (55.9) | (49.0) | (22.7) |
| Other financing activities | — | (3.3) | — |
| Net cash used in financing activities | (132.2) | (187.0) | (312.8) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2.3) | (5.8) | 2.2 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 167.3 | (44.0) | (31.7) |
| Cash, cash equivalents, and restricted cash at beginning of period | 108.1 | 275.4 | 231.4 |
| Cash, cash equivalents, and restricted cash at end of period | $275.4 | $231.4 | $199.7 |
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| Supplemental Cash Flow Information | |||
|---|---|---|---|
| Cash payments for interest, net of amount capitalized | $178.5 | $177.9 | $213.9 |
| Cash payments for income taxes, net of refunds | $5.5 | $10.5 | $11.9 |
| Non-cash Investing and Financing Activities | |||
| Acquisition of property, equipment and software by finance leases | $60.4 | $36.7 | $67.7 |
| Acquisition of property, equipment and software by financing obligations | 44.7 | 7.1 | 25.0 |
| Other non-cash additions | — | — | 5.3 |
| Increase (decrease) in property, equipment and software accrued in liabilities | (10.6) | 17.6 | (13.6) |
| Non-cash purchases of property, equipment and software | $94.5 | $61.4 | $84.4 |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash to the total of such amounts shown on the Consolidated Statements of Cash Flows.
| Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2021 | 2022 | 2023 |
| Cash and cash equivalents | $272.8 | $228.4 | $196.8 |
| Restricted cash included in other non-current assets | 2.6 | 3.0 | 2.9 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $275.4 | $231.4 | $199.7 |
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